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Mario Draghi, President of the European Central Bank, ECB in Frankfurt/AFP

Finance

Loans to eurozone businesses drop sharply

Mario Draghi, President of the European Central Bank, ECB in Frankfurt/AFP

Mario Draghi, President of the European Central Bank, ECB in Frankfurt/AFP

FRANKFURT, Sept 26 – Lending to businesses in the debt-mired eurozone contracted sharply in August, data published by the European Central Bank showed on Thursday, souring recent positive sentiment about a nascent economic recovery.

Private sector loans dropped by 2.0 percent in August in a year-on-year comparison, the ECB said, after already contracting by 1.9 percent in July.

The Frankfurt-based ECB also published its latest money supply figures, a preliminary indicator of inflation, showing a 2.3-percent increase in August after a rise of 2.2 percent in July.

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